There are a lot of EB-5 agencies in China, finding the right ones to form business partnerships with can be difficult.
You don't want to waste your time going to EB-5 agencies that are not licensed or have fraudulent licenses.
The first step is to contact the Chinese Bureau of Entry and Exit Administration under the Ministry of Public Security for a list of licensed EB-5 agencies.
- Looking at agencies without first checking with the Chinese Ministry may cause problems. Some agencies provide licensing that looks real, but is illegitimate. Additionally, there are no laws in China forbidding agencies from calling themselves "the biggest" or "the best."
The second step is to contact the U.S. embassy in China and conduct due diligence on the EB-5 agencies from your list.
- This step will tell you if there were any issues between the U.S. government and a particular EB-5 agency. Contacting the U.S. embassy will also tell you which agencies operated in a professional, legal and ethical manner.
- To find the right EB-5 agencies, an EB-5 developer should create a list of requirements to find the best business partners.
The third step is to visit the EB-5 agencies from your list.
- It's important for any EB-5 developer visiting these agencies to understand that the culture in China is vastly different from that of the U.S. How you sell your projects to investors in the U.S. may not work in China. If an agency does not follow up with you, they may not have been sold on the partnership. An interested agency would be willing to send executives over to the U.S. to visit and see the projects on their own expense.
One benefit of working with major agencies in China is that they may have branches in other cities. They can reach out to these other branches to find additional clients interested in your projects.